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Gold, Copper & Grains End Friday with Gains

June 26, 2015 at 22:09 by Vladimir Vyun

Gold prices ticked up by the end of Friday’s trading as concerns about Greece drove investors to safe assets. The deadline for the repayment of the country’s debt is set to June 30, but so far there are no indications that the indebted country has come close to an agreement with its international creditors. The CFTC Commitment of Traders report showed that hedge funds increased their long position on the metal this week. August futures for delivery of bullion edged up by 0.16 percent to $1,173.70 per troy ounce as of 21:56 on COMEX today.

Copper futures rallied as well on hopes for stimulus in China. Lately, the world’s biggest consumer of the metal had some troubles in sustaining its impressive economic growth, prompting Chinese government to take steps to bolster the economy. September futures for delivery of copper climbed 0.82 percent to $2.641 per pound today.

Meanwhile, wheat and other grains extended their rally. Weather in the United States was adverse to the crops, promising smaller supply. This is a bullish factor for the agricultural commodities. September corn surged 2.55 percent to $3.9250 per bushel on CBoT today. November contract for soybeans rallied 0.84 percent to $9.86 per bushel while futures for delivery of wheat in September demonstrated a whooping gain of 5.58 percent to $5.68 per bushel.

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